Pre-marketing is underway for Astro Malaysia, a pay-TV company that is the latest high-profile deal to test investor appetite in Malaysia.

Bankers started pre-marketing yesterday for Astro Malaysia Holdings, a consumer media entertainment group that is aiming to raise about $1.5 billion to $2 billion from its initial public offering, sources said.

Astro Malaysia is Malaysia’s leading integrated cross-media group with operations in four key businesses pay-TV, radio, content and digital and is the biggest residential pay-TV operator in the country. In 2011, it had a market penetration rate of about 50% of Malaysian TV households,...